Two years after being charged with operating a Ponzi scheme through his company CRW Management LP that solicited at least $10.9

Two years after being charged with operating a Ponzi scheme through his company CRW Management LP that solicited at least $10.9 million from more than 250 investors, ostensibly to perform foreign exchange trading Ray White on Tuesday was sentenced to 10 years in prison.

Ray M. White, 52, of Mansfield, pled guilty to one count of commodities fraud last June and was ordered by U.S. District Judge Ed Kinkeade to pay $9.4 million in restitution to defrauded victims.

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On March 4, 2009, U.S. District Judge Ed Kinkeade, for the Northern District of Texas, Dallas Division, appointed a receiver and froze the assets of a Mansfield, Texas resident who is alleged to have raised at least $10.9 million from over 250 investors in a purportedly lucrative foreign currency trading program. Defendant Ray M. White, on behalf of his company, defendant CRW Management, L.P., claimed to have achieved returns as high as 8.1% per week for investors. In truth, the Commission’s complaint alleges that White and CRW have been operating a fraudulent scheme since at least April 2007, during which White has misappropriated several million dollars of investor funds to, among other things, finance his son’s car-racing career, purchase real estate, and to make Ponzi payments to earlier investors with new investor funds.